Machine-to-machine healthcare will grow to $89 billion by 2018 and offer strong opportunities, finds Frost & Sullivan’s TechVision team
London – February 28, 2017 – Expanding synergy between digital innovation and therapeutic practices is transforming healthcare. Powered by Internet of Healthcare Things, cloud computing, big data, bioprinting, and virtual reality, healthcare service providers are making smarter decisions that guarantee timely delivery of quality service. Smart healthcare, comprising intelligent systems such as ehealth and mhealth, will account for 14.6 percent of the Smart City concept. While smart healthcare is estimated to become a $1.565 trillion market by 2020, the machine-to-machine (M2M) healthcare segment alone will generate $89 billion by 2018.
“Smart healthcare represents a more universal approach to healthcare that incorporates cutting-edge technologies to deal with healthcare data management and utilisation,” said TechVision Research Analyst Cecilia Van Cauwenberghe. “Communications are integrated into a single, consolidated infrastructure, thereby empowering communities and individuals with the necessary tools and knowledge to make more informed decisions.”
Technologies Empowering Smart Healthcare, a recent analysis from Frost & Sullivan’s TechVision Growth Partnership Service program, examines the major market drivers for smart healthcare, such as the ability to make data-driven decisions, healthcare innovations, smart mobility and patient empowerment. The findings indicate competition is set to intensify as major brands like Apple, GE Healthcare, Google, Qualcomm, Honeywell, IBM, Samsung and Intel try to increase their market share.
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A few challenges must be overcome to transition to a smart healthcare system:
- Device integration and data interoperability: Though a broad spectrum of smart devices is available, many of them lack the feature for interconnecting and information sharing over a network.
- Absence of centralised control: The fragmented nature of existing network infrastructure leads to the distribution of patient’s health data across different repositories. Without a centralised framework, it is difficult to integrate the data in order to develop an in-depth understanding about a patient’s health condition.
- High costs of adoption: The cost of deploying centralised network architecture and a dedicated information system that seamlessly collects data from devices, and enhances users’ convenience while accessing large data sets, is still high for small and mid-scale healthcare organisations.
“Smart healthcare environments will need to pursue opportunities both up-market, such as vertical and horizontal specialised solutions, and down-market, such as unbundled solutions, to integrate the full concept of Smart Cities with present local/regional capabilities,” observed Cauwenberghe.
Frost & Sullivan’s global TechVision practice is focused on innovation, disruption and convergence, and provides a variety of technology-based alerts, newsletters and research services as well as growth consulting services. Its premier offering, the TechVision program, identifies and evaluates the most valuable emerging and disruptive technologies enabling products with near-term potential. A unique feature of the TechVision program is an annual selection of 50 technologies that can generate convergence scenarios, possibly disrupt the innovation landscape, and drive transformational growth. View a summary of our TechVision program by clicking on the following link: https://ifrost.frost.com/TechVision_Demo.
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